Tax Relief for Debby Victims

Aug 3, 2012 in Business Tax, New Tax Issues

The IRS has announced that victims of tropical storm Debby that struck the west coast of Florida the week of June 23, 2012  may qualify for tax relief.

Disaster Area

President Obama has declared Hillsborough, Pasco, Pinellas and many other surrounding counties a federal disaster area. The declaration permits the IRS to offer several forms of tax relief to those taxpayers who were affected by teh storm.

Extended Deadlines

One of the primary forms of relief the IRS has to offer is the extension of certain deadlines, such as those for corporate tax returns and estimated tax payments. For those deadlines that have not been extended, penalties for not filing in a timely manner may be waived “for reasonable cause”.

Casualty Losses

Disaster-related casualty losses may be claimed on federal income tax return for either this year or last year. Claiming the loss on an original or amended return for last year will get the taxpayer an earlier refund, but waiting to claim the loss on this year’s return could result in greater tax savings, depending on other income factors. Individuals may also be eligible to deduct personal property losses that are not covered by insurance or other reimbursements.

We Can Help!

The IRS is willing to be very flexible in extending deadlines, waiving fees, and expediting returns. We can help you file the necessary forms and get the tax refund you need to get back on your feet after this storm! Contact Fredrick James Today to learn more about how you can take advantage of the federal tax relief that is being offered to you.

Visit us at FredrickJames.com. We serve clients throughout the world through our virtual office. Read more about our virtual office. If you have any questions or need assistance with your accounting, payroll or taxes please Contact us Today!

 

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